Medical debt is one of the most difficult headaches for Americans to deal with. It can cause major financial problems, and it can have a serious impact on your credit score.

Luckily, lenders and credit reporting bureaus are taking this seriously and have changed how medical debt is used on credit reports. The new medical debt rules are designed to help alleviate some of the burden of medical bills. They'll make it easier for people to get relief from collections agencies and improve the chances that you'll be able to pay off your debts quickly.

The medical debt changes you need to know

Experian, Equifax, and TransUnion - the three major credit reporting bureaus lenders use to determine creditworthiness - have all agreed to remove any medical-related debt under $500 from credit reports. While this is a step in the right direction, there are some caveats you should know:

Okay, my medical debt is removed. Now what?

If you've had medical debts removed from your credit report, you should see a bump in your credit score. However, you shouldn't stop there; take this time to focus on getting your financial health back on track.

• If adding an authorized user affects your credit score
• What types of debt go on your credit report
• Whether the balance you carry on your credit cards is knocking down your score
• How quickly you can get a late payment erased from your credit report

and so on.

The bottom line

Removing medical debt from your credit score is a big win for your financial health and can help improve your overall credit score. However, it's essential to remember that other factors could affect your score, so don't stop there - work to improve all aspects of your financial picture to achieve the best possible outcome.

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Contact Information:

Name: Keyonda GoosbyEmail: press@credello.comJob Title: Consultant